How To Make Money From 0% APR Balance Transfers
I haven’t been as active in the 0% APR balance transfers game recently (still have $20k in borrowed money), but sometimes the trickiest part after finding the best 0% offer is to figure out how to get your cash.
It seems like some issuers are not playing well with others recently. Flexo at Consumerism Commentary reports having his credit balance request sent from Discover denied by MBNA. I’ve heard similar problems with American Express, although I have gotten checks from them before. The good news is that if you transfer to Citibank, they now let you request a check for any credit balance online. So for sure they let you do it, and on top of that there’s no human to question your motives (not that you’re doing anything wrong). Definitely the best choice, if you have to go that route.
Of course ideally, they just let you write a check directly to yourself for the money, or take your bank info and electronically transfer it there. Banks that I have done this with before, and from what I hear continue to do so, include Citibank, MBNA, and Chase. Bank of America used to, but they just bought MBNA, so I’d double-check. Overall, Citibank seems to be the most flexible care issuer, either as the place you get the balance transfer or the place to send it to. Nice that they also back it up with great Rewards cards.
I’ve updated my How-To Play the 0% APR Game post to reflect these changes.
Added: Here is a screenshot of me requesting a credit balance refund on my Citi card: